Investor Presentation

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1 Investor Presentation Q4 FY 2017

2 Content India Improved rankings Exports Rupee appreciation hurting Financial Highlights Consistent Performance Infrastructure Plan, Prepare, Perform 2 of 33

3 India 3 of 33

4 India Branded Generics Specialty Segment Cardiology Ophthalmology Dermatology Pain Management Focused Marketing 14 Divisions 3,000+ MRs 200+ Products About 70% products First to Market Established Player Leadership in sub therapeutic segments Strong Brand Equity Consistent Innovation Major chronic portfolio 4 of 33

5 India Sales - Q4 India Branded Sales # 118 (Rs. cr.) 13% % Therapeutic Break-up (Rs. cr.) 0% 18% % 11% Q4 FY 2016 Q4 FY 2017 Ophthalmology Dermatology Cardiology Pain Mgt. Institution Total India (Rs. cr.) % 140 Q4 FY 2016 Q4 FY 2017 Q4 FY 2016 Q4 FY 2017 Q4 FY 2016 Q4 FY 2017 Rs. cr. Gth Ophthalmology % Dermatology % Cardiology % Pain Mgt % Institution % Total % Source: Company Gross Revenue incl. Excise Duty # = excluding = including institution 5 of 33

6 India Sales Financial Year India Branded Sales # (Rs. cr.) 15% % Therapeutic Break-up (Rs. cr.) 12% 21% FY 2016 FY % % 21 Ophthalmology Dermatology Cardiology Pain Mgt. Institution Total India (Rs. cr.) % 614 FY 2016 FY 2017 FY 2016 FY 2017 FY 2016 FY 2017 Rs. cr. Gth Ophthalmology % Dermatology % Cardiology % Pain Mgt % Institution % Total % # = excluding = including institution Source: Company Gross Revenue incl. Excise Duty 6 of 33

7 Within Segments Ajanta Way Ahead 22% 16% 16% 16% 9% 10% 8% 11% 8% 11% Pharma Market Dermatology Cardiology Ophthalmology Pain Mgt. IPM = Indian Pharmaceutical Market Source: IMS MAT March 2017 IPM Ajanta Pharma 7 of 33

8 Faster than Industry - IPM 36% 29% 26% 23% 16% 10% 10% 12% 14% 9% Mar-2013 Mar-2014 Mar-2015 Mar-2016 Mar-2017 IPM = Indian Pharmaceutical Market Source: IMS MAT IPM Ajanta Pharma 8 of 33

9 IPM - Ranking Mar 2017 Mar 2016 Mar 2005 Ophthal Derma Cardio Pain Ajanta NA IPM = Indian Pharmaceutical Market Source: IMS 9 of 33

10 Exports 10 of 33

11 Global Presence USA West Asia (3 Countries) CIS (6 Countries) South East Asia (3 Countries) India Africa (19 Countries) 11 of 33

12 USA ANDA Status Approval : Final 17, Tentative - 2 Under approval : 15 Filed in FY 2017 : 8 Filing target for FY 2018 : 12 to 15 Sales & Marketing Sales & Marketing 12 Products commercialized More products scheduled for launch in FY 2018 Focus on Oral Solid Mix of Para II, III & IV 12 of 33

13 Africa Products Product Registrations 1,191 Segments - Anti Malaria, Multivitamin, Cardio, Antibiotic, Gynaec, MED, Pain Sales & Marketing Field Strength 361 Africa 19 countries Currency devaluation stabilizes 13 of 33

14 Asia Products CIS (6 countries) Product Registration Segments Cardio, Pain, MED, GI, Antibiotic, Derma, Anti Histamine WEST ASIA (3 countries) Asia SOUTH EAST ASIA (3 countries) Sales & Marketing Field Strength 352 Currency devaluation stabilizes Putting new thrust with enhanced focus 14 of 33

15 Export Sales Q4 FY 2017 (Consolidated) Regional Break-up (Rs. cr.) Total Exports (Rs. cr.) % 15% 6% % % Africa Asia USA Others Q4 FY 2016 Q4 FY 2017 Rs. cr. Q4 FY 2016 Q4 FY 2017 Gth Q4 FY 2016 Q4 FY 2017 Africa % Asia % Source: Company USA % Others % Total % 15 of 33

16 Export Sales FY 2017 (Consolidated) Regional Break-up (Rs. cr.) Total Sales (Rs. cr.) 1,178 12% 1, % % % % Africa Asia USA Others FY 2016 FY 2017 FY 2016 FY 2017 Source: Company Rs. cr. FY 2016 FY 2017 Gth Africa % Asia % USA % Others % Total 1,178 1,319 12% 16 of 33

17 Total Sales Q4 Revenue Break up 12% (Rs. cr.) 6% % % Revenue Break-up (Rs. cr.) 12% 1,319 1,178 12% 1,933 1, India Exports Total Revenue Q4 FY 2016 Q4 FY 2017 Rs. cr. Q4 FY 2016 Q4 FY 2017 Gth India % Exports % Total Revenue % India Exports Total Revenue FY 2016 FY 2017 Rs. cr. FY 2016 FY 2017 Gth India % Exports 1,178 1,319 12% Total Revenue 1,727 1,933 12% 17 of 33

18 Infrastructure 18 of 33

19 Prepared for Next Growth Formulation Manufacturing 3 existing facilities in Aurangabad, Maharashtra (1 USFDA & WHO Pre-Q approved) 1 Facility at Mauritius Dahej (Gujarat) - Commercial operation began in April 2017 (US FDA inspection complete) Guwahati (Assam) First phase commissioned, 2 nd phase by Q4 FY 2018 API Manufacturing 1 Facility at Waluj (Aurangabad) - Captive Consumption API Plant - Waluj Paithan Plant Dahej Plant 19 of 33

20 R&D Thrust R&D spend & % of Oper. Income (Excluding Capex) 8% 153 Adding Spend Q4 FY Rs. 39 cr. (8%) FY Rs.153 cr. (8%) 6% 4% 5% R&D Focus 4% Adding Team Adding Capacity FY 2013 FY 2014 FY 2015 FY 2016 FY Scientistes 2 more location Bio equivalence 20 of 33

21 Financial Highlights 21 of 33

22 P&L Synopsis Q4 FY 2017 (Consolidated) (Rs. Cr.) Q4 FY 2017 % to Sales Q4 FY 2016 % to Sales % Growth Exports % % 6% Domestic % % 8% Other Op. Income 20 4% 7 1% 217% Income from Operations % EBITDA % % 23% PBT % % 7% PAT % % 5% Total Comprehensive Income % % 3% 22 of 33

23 P&L Synopsis FY 2017 (Consolidated) (Rs. Cr.) FY 2017 % to Sales FY 2016 % to Sales % Growth Exports 1,319 66% 1,178 67% 12% Domestic % % 12% Other Op. Income 69 3% 22 1% 207% Income from Operations 2,002 1,749 14% EBITDA % % 19% PBT % % 16% PAT % % 22% Total Comprehensive Income % % 20% 23 of 33

24 Detailed P&L Q4 & FY 2017 (Consolidated) (Rs. Cr.) Q4 Year ended FY 2017 FY 2016 FY 2017 FY 2016 Income from Operations ,002 1,749 Other Income 6 1% 5 1% 24 1% 21 1% Total Income ,026 1,770 Materials consumed 92 19% 96 22% % % Employee Benefit 76 16% 69 16% % % Finance Cost 1 0% 1 0% 3 0% 5 0% Depreciation 19 4% 11 3% 61 3% 44 3% Other Expenses % % % % Total expenses % % 1,377 69% 1,212 69% Profit before tax % % % % Tax Expense 30 6% 25 6% 141 7% 143 8% Net Profit % % % % Other Comprehensive Income (1) 1 (3) 5 Total Comprehensive Income % % % % 24 of 33

25 Ind AS Reconciliation (Consolidated) Particulars Net Profit/Other Equity as per Previous Indian GAAP Profit Reconciliation Reserve Reconciliation Q4 FY 2016 FY 2016 FY , Fair Value of Financial Assets Employee Benefits Actuarial Gain/(Loss) (Rs. cr. ) Deferred Tax (0.61) Others Total Net Profit/Reserves as per Ind AS , of 33

26 Balance Sheet (Consolidated) (Rs. cr. ) Statement of Assets & Liabilities FY 2017 FY 2016 ASSETS Non-Current Assets Property, Plant and Equipment Capital Work-in-Progress Other Intangible Assets 6 4 Intangible assets under development 1 1 Financial Assets Others 9 9 Deferred tax assets (net) 25 9 Other non-current assets Sub-total - Non-current assets % % Current Assets Inventories Financial Assets Investments Trade Receivables Cash and cash equivalents Bank balances 4 2 Others 1 1 Current Tax Assets (Net) Other current assets Sub-total - Current Assets % % TOTAL - ASSETS 1,823 1, of 33

27 Balance Sheet (Consolidated) Statement of Assets & Liabilities FY 2017 FY 2016 (Rs. cr. ) EQUITY AND LIABILITIES Equity Equity Share Capital Other Equity 1,550 1,173 Sub Total Shareholders Funds 1,568 86% 1,191 80% Non-current Liabilities Financial Liabilities Borrowings 1 15 Other Financial Liabilities 0 0 Provisions 3 3 Deferred tax liabilities (net) Sub Total Non-Current Liab. 31 2% 37 2% Current Liabilities Borrowings 6 46 Trade payables Other financial liabilities Other current liabilities Provisions Sub Total Current Liabilities % % TOTAL Equity and Liabilities 1,823 1, of 33

28 Consistent Track Record (Consolidated) Consolidated Total Income (Rs. cr.) PAT (Rs. cr.) & PAT Margin (%) 12% 19% 21% 24% 25% 1,502 1,771 2, , of 33

29 Consistent Track Record (Consolidated) EBITDA Margin 24% (%) 31% 34% 34% 35% Net Margin (%) 19% 21% 24% 25% 12% RONW (%) 32% 47% 43% 40% 37% ROCE (%) 37% 45% 50% 44% 41% of 33

30 Consistent Track Record (Consolidated) EPS (Rs.) 58 Dividend per share (Rs.) (FV Rs. 2/-) Dividend Payout (%) 25% Book Value per share (Rs.) % 18% 19% 18% of 33

31 Consistent Track Record (Consolidated) 0.32 Total Debt / Equity (Ratio) Receivable Days (Nos.) Inventory Days (Nos.) 134 Payable Days (Nos.) of 33

32 For updates and company information please visit our website: Thank You For specific queries, contact: Rajeev Agarwal Ajanta Pharma Limited Ajanta House, Charkop, Kandivli (W), Mumbai CIN No. - L24230MH1979PLC of 33

33 Disclaimer This presentation may include certain forward looking statements, based on current expectations, forecasts and assumptions within the meaning of applicable laws and regulations. They are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. The Company disclaims any obligation to revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. This material is used during oral presentation; it is not a complete record of the discussion. 33 of 33

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